
Carbon Removal Newsroom
U.S. Government Becomes a CDR Buyer
Oct 17, 2023
The podcast discusses the US government's announcement to purchase carbon removal and the $35M fund allocated for procurement. They explore the challenges of scaling up carbon removal without a compliance market. The panel also talks about the role of private buyers and compliance markets in driving CDR growth until 2030. They discuss the regulation of dumping materials into the ocean by the London Convention and the Regeavit protocol for carbon dioxide removal. Expectations and concerns regarding government involvement in scaling CDR are also discussed.
33:26
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Quick takeaways
- The U.S. Department of Energy has allocated $35 million to procure carbon removal credits, supporting four different pathways and aiming to encourage innovation and industry growth.
- Government procurement of carbon removal is essential to achieve economies of scale and knowledge diffusion, but current efforts are relatively modest, requiring more substantial funding and engagement to drive progress in scaling carbon removal technologies.
Deep dives
U.S. government announces purchase of carbon removal
The U.S. Department of Energy (USDOE) has announced a $35 million fund to procure carbon removal credits. The fund aims to support four different pathways: direct air capture with storage, biomass with carbon removal and storage, enhanced weathering and mineralization, and planned or managed carbon sinks. This initiative is expected to help build standards for successful carbon dioxide removal (CDR) programs and create a market to encourage innovation and industry growth. While the funding amount may be relatively modest, it can still provide a signal to encourage more government support for CDR and potentially galvanize states to develop their own programs.
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